#66 - Be a Funnel Pro : Part 3 : How much should you charge for funnels?

First of all, before you can go into pricing in no matter what it is, you need to really, really understand the value of what it is that you're offering. You need to know it deep down in your soul.

This is the Doing It Online podcast with your Host, serial entrepreneur, 6 and 7 figure funnel strategist and super nerd Kate McKibben, where every week we're here talking nerdy and sharing the things that actually work to help you do what you do line, but better, easier and with a ton more profit too. Are you ready? Let's do it.

Hello. Hello, everybody and welcome to episode number 66 of the Doing It Online podcast. I am Kate from HelloFunnels Co, your host and I'm really excited to be with you today and chatting about what is, well, what is part three of our little mini series about how to become a fully booked funnel pro. And today is the juicy stuff. It's the stuff I know a lot of you have been waiting for. Today we're going to talk about how much you should charge, how to figure out how to price up something like funnels. And I know that this, that pricing and knowing how much to charge and things like that, I know it's quite a contentious issue. It's something that can bring up a lot of stuff for people. It's also something that can feel like you're just plucking numbers out of the air sometimes. And that's not useful either. Having the right pricing strategy means that, you know, we, first of all, you'll know you have the right pricing strategy because it means you've got a right amount of customers and also that you're feeling like it's an equal sort of value exchange. I'm going to talk about that in a little bit more. So let's just, before we dive into the pricing stuff, like as I said, this is part three of our series and let's just pretend, right, that if you haven't already, that, that you now have the skills that you need to be what we have dubbed a funnel pro. So you've gone in and you've mastered the tools of your trade, AKA you know, your shit. Tech wise, you don't need to know every single tool out there, but you've picked a couple that you've gone all in on and you're, you're really good at those. Like, you're super comfortable. It's kind of, you're as familiar with that tech as you are with your iPhone or your laptop. Like whenever you have to do something on them. It's just has become second nature. The second thing is you've taken the time to learn which funnels actually work. There are five main ones that we recommend, and we talked about that in a different episode. And also the strategy behind each of them, like as in why they work, when they work, the kind of products that they work for and don't work for, how they work alongside other funnels and also other launches, how they work for different niches, different offer price points, things like that. Like that stuff that you really do need to know if you want to be what we're calling a Funnel Pro, and therefore able to charge premium pricing, which is what we're going to talk about today. Because if you're just coming into this with the like, hey, I'm kind of a nerd, which is great, so are we. And I'd like to be able to help people build funnels by just doing the tech side of things and not also coming in and taking real ownership over the strategy. Then the price points that we're going to be talking about today, that they do not apply to you, unfortunately, that's very different set of skills, very different offer as well. Again, the reason we sort of coined this term Funnel Pro and where we use it here is basically, it's when a client can come to you and they say, hey, I want to start getting some more regular, reliable income. Can you help me set up a funnel? And you go, yes. And then you go through them, like, you help them plan out the right type of funnel for them. You help them, you know, your project, manage the whole funnel build. You execute all the tech side of things. You test it. You're the one who's got dashboards and things to be able to track and make sure that it's working properly. You're going to be able to advise them on what is the best option and solution for them and what's going to get them the best outcome for their business, their offers, where they are in business, all of that stuff. Like it's basically people go, here's my problem, hand it to you, and you hand them back a funnel that works. That is what we call being a Funnel Pro. Otherwise, like I said, you're a tech va, you might be a funnel builder. It's different. So it's a different price point, there's a different value point from a client's point of view. That's what today's all about. It's about figuring out how much can you charge. And, you know, there's a few different Points like, you guys know I've done whole episodes on pricing things before and obviously this is service rather than pricing a, an online course or a coaching program. But a lot of the same principles really do apply. First of all, before you can go into pricing in no matter what it is, you need to really, really understand the value of what it is that you're offering. You need to know it deep down in your soul. It needs to be, you need to understand just how not just sort of no go, hey, I think this thing is pretty good. But you need to understand from the client side of things like how valuable is this outcome, is this service, is this me taking this stress off their shoulders, me doing this for them, me delivering this deliverable, how actual valuable is that to the client? And for a lot of things it's hard to put a price on. But funnels, luckily is not one of those things. Because funnels, if they're done properly, should have a very real tangible financial outcome for your clients. One that's very easy to go. Here's how, you know, how quickly we can, you know, it can pay for itself. Here's how quickly we can, you know, people will see what a valuable asset is that's being created just to do some super basic maths. And a lot of you should know this already because I quote this stat quite a lot. But basically, and obviously there is some variance here depending on the type of funnel, the offer and everything. But the across the board sort of benchmark for a quote unquote, good funnel is a funnel that converts at 2%. So what that means is every hundred new people who opt into that email list, two of them will purchase. What that means in sort of real terms and for a client per se is just say your client currently gets doing exactly what they're doing. You're not changing anything at all. But with what, yeah, their current marketing activity, their current social, all that stuff, they get around about 500 subscribers a month. 2% of 500 subscribers equals 10 sales. So that's to say if, if you were to build them a good funnel, one that works and they didn't change anything, just with the current sort of naturally how they're currently driving new opt ins, new leads, they should get 10 extra sales a month, give or take. Funnels do have a bit of fluctuation, but just on average say that their offer was a 997 program. Again, really common price point for a lot of funnels. 10 times 997 equals just under $10,000 a month, which is just under $120,000 a year. Add on top of that the fact that this has been something that has been a really pain free process, something they felt really supported in, something that they haven't had to do most of the heavy lifting that you've been able to, yes, they probably have to write a few emails or maybe go dig up some emails that they've used and things previously, maybe they've had to update a few sales pages, that kind of thing. But the heavy lifting wise, as far as the strategy, as far as the project management, as far as actually building and testing it, that's been done by you. So for them it really is just they're being delivered this outcome in as low stress way as possible. So how much? Like if you be able to just hand that up on a platter to someone, you can bet their ass they're going to value it a lot. Now I'm not saying you can charge $120,000 for a funnel, but I'm saying that all of a sudden it becomes really clear when you realize that that is what the outcome, you know, the potential outcome is for a client. And they said that is just if they change nothing. The other beauty about funnels, as we all know, is as your business grows, the funnels grow. Like if you start doing, going out there and showing up more, if you sign a bit more momentum with the regular marketing that they're doing, if they start investing in ads, all of that kind of stuff, it will increase the number of leads they're getting and it will increase how well their funnel is working. That's sort of step one is you need to just know and understand at your core just how valuable this is, this service is you're providing. The second thing that you need to do is you need to choose the right target market out of the gate. Like this is going to, if you're wanting to, like if you're going to level yourself up to have these high level skills, if you're going to want to be seen as this real true like strategic partner for online entrepreneurs, you need to pick the right entrepreneurs. You need to pick the ones who are in the right place in their business, who are really gonna value what it is that you're doing and also who are gonna get a good outcome for it. Because different phases of business, this all kind of works differently for. So let me give you an example. So let's say there's three phases, just very roughly three phases of business for online entrepreneurs. You've got your starting out People, okay, so they're the people earning less than 100k. These are your DIYers. These are people who have no spare budget. Like they're barely paying themselves at the moment. They most likely have unproven offers because they're just getting started. Like they might have something that works a little bit, but they haven't really dialed it in. They don't really know the marketing speed. If they had a proven offer, they'd probably be a little further along by now. And then 100% people at this point, particularly because they don't have a proven offer and they usually don't have much organic traffic either, which makes it harder to test things. These people are usually like a funnel is. I'm not saying that funnels don't work as well for them. If they are going to put in a funnel themselves and it's something that is going to grow with them and support them as they go, that can be good for them. But they're not ready to invest in someone else to do it for them. And it's not going to give them a big enough bang for their buck initially for them to really value that investment. Like I said, if they're not getting a whole lot of traffic organically and if their offers don't convert that well, then it's going to be a bit of a tricky and longer process. They're going to need to figure out their offers first. I mean, that's one of the things we do in our programs. People are coming, they want a funnel. And the very first thing we do is like, okay, how well do your offers work? And if the offers aren't there yet, then we go dive deep. We spend the time, we make sure we get those offers working well. Sub six figures. If you want to be a final pro, they're not your people, then jump to the other end of the scale. Look at people earning $2 million and above a year in their business. And again, it's a very different stage of business. So I would call these people like the stars of the Internet world, you know, so they, they probably have a team already. And so they probably already have someone on the team who, who does this for them or at least part of it. They have very high expectations because you know, they're out there doing million dollar launches or you know, multiple six figure launches. So anything that they invest time, money, effort into has to be bringing them that next next level kind of outcome for them. They're also going to probably have more complicated setups and expecting more high levels of optimization. So I'm not saying that these wouldn't be amazing clients at one point, but if you're in the space where you're like, I'm thinking about becoming a funnel pro, I'm getting started. These aren't the people you start with because they expect you to really probably have three, four, four, five, six more years of good, solid, already existing experience in this role for that for you to really step in and support them in the way that they need to be supported. The people that are going to be the bread and butter of the funnel pro are the people that sit here somewhere in the middle. It's between, you know, it's people who are multi six figures, possibly up to low seven figures. These people are in the scaling phase of business. The people in this phase, they really, really value two things. One, anything that's going to help free up some of their time because they are flat out like they are learning so much as they rocket through all these different sort of points in their business, they also really, really value anything that's going to make their life a bit easier and is going to be another revenue stream. It's going to help to get them to their goals. So they're already investing in their business heavily. They've started bringing on team, they've probably got, you know, they're investing in better tech, they're paying for ads, they've probably got coaches, things like that. Like they understand the power of investing. They're not scared to invest if it's the right investment, if they can really truly see how much it's going to be valuable for them. Which, as I said, do a funnel, right? It's pretty clear value exchange. They value help, they value things that save them time, that save them stress. They have the budget, you know, they normally, they maybe they don't have it right away, maybe they save up for a month, but they have the capabilities of having the budget. They have proven offers. And this is really important. You don't want to work with people whose offers don't sell because their funnels won't work and then they'll just blame you. So it's always, you want to make sure that the people that you work with who go, hey, set me up a funnel. Question number one is going to be, okay, tell me about your offers, tell me about how they're doing. And the best part, like the icing on the cake is for these people, if you come in and you slot in a funnel for them, you make it super easy with their proven office and Everything and the resources that they have. That funnel is going to go gangbusters. It is going to have a huge impact on their business. So you're then going to have a very, very happy client who's going to go away and tell all of their friends, and then you're going to get some great referrals and it's going to be a snowball from there. That's point number two, choosing who you target. So it's so important. If you were trying to target the sub, 100k people, like I said, they don't value it, they don't have the budget they have. Their expectations would probably be a bit nuts because they haven't been in the space long enough to sort of understand that, yes, if I build a funnel but I don't have any traffic, my offer doesn't work. What does that mean? They're probably going to be like, oh, I can pay you 100 bucks. I'll pay you $20 an hour. Those are not your people. You want this? Is it low to mid six figures up to low seven figures? And there's a lot of people in that space, don't you worry. So the third step in figuring out your pricing is just knowing what the price ranges are like, what is the expected price range is what are people currently out there charging? And I'm going to share that with you. I'm going to break it all down for you. So, as you would have heard in episode two, and if you haven't go back and missed, go back and listen to it, we talked about the different types of funnels that you want to focus on, the ones that if you really know what works, what doesn't. Like, they're going to be the ones that people are asking for. They're going to be the ones that. The ones that are going to be sort of like your bread and butter. They're the ones you want to learn first. These are the funnels that I'm going to talk about and I'm going to break them down into prices for you. Now, when it comes to pricing anything, I always believe that there's always a range, right? That the market kind of sets the range. And then you. It's up to you where you sit in that range. So you kind of go out, you do research, you figure out what is the range, and then you go, okay, well, where is my offer going to sit on that? Like, if you're getting started, it's probably going to be at the lower end, and that's fine. You'll as you get better, as you get more established, as your confidence grows, as you dial in some systems, like as you start to get those great testimonials and start to believe in yourself more, you can work your way up that range, that's fine. Or if you've got some extra, you decide to specialize more and be go all in on a certain type of funnel or a certain type of client, you can probably work your way up that range as well. But I'm just going to share with you now what those ranges are. So I split it up into three sort of tiers. And these are for packages, guys. These are not out, it's not hourly rate kind of stuff because funnel pros don't charge by the hour. Funnel pros charge by the outcome. We've got three different tiers. The first tier I'm calling the silver tier. And this is. There's really only one funnel that sits in this tier. This is like your, your, your most basic simple one which is an opt in to a warm up sequence to an email sequence. So some kind of opt in bribe, lead magnet, whatever you want to call it, and through to an email sequence. So for that you would expect to charge between 500 to $1,000. It's a pretty simple setup. Second tier is gold. Gold is going to be again some of your bread and butter but I think probably you might find like 30% of what you're doing of the jobs that you get probably being the gold tier. Gold tier is between a thousand and two and a half thousand per project. And we have really three different types of funnels in this tier. So we've got your opt in plus a tripwire plus the warm up funnel. So it's basically the same as in silver but you're adding a tripwire to it or you have a self liquidating offer setup plus the warm up funnel. And if you don't know what self liquidating offer is, we've done go and check out my previous episodes around creating a $27 offer. Or just like you've probably seen those $27 offers right around. I don't have time to fully explain the purpose of those right here. But just know that slo self liquidating offer, that's what they refer to, we call them a mini but mighty offer. So that plus a warm up funnel or a flash sale, flash sale funnel and office setup, that would be your gold tier. And then the final tier is platinum. Now of course you can rename these tiers to whatever you want. I just like to Go with the good old, good old metals. Platinum is probably two and a half thousand to five thousand again depending on experience. And also here, depending on probably level of complication. Because these are the kind of funnels where people can start to add in some little extra bits and pieces that may make it a bit outside of the standard setup. These would be your webinar funnel and then of course obviously includes, it's got a registration page and things like that. So it's kind of building on the other ones, but just adding some extra bits and pieces or your application funnel. And that application can be either to a call or directly to a sale. Those are the three tiers guys. Now, as someone who has built all of these funnels for myself, I am someone I would call like tech wise. I know my shit, so I know that I'm pretty snappy to do it. And, and that is what you as a funnel pro would be aiming for as well. Like, may take a week or so of practice with certain tools, but if you kind of go all in on just a couple, you get to pick them up and you get to be pretty speedy with them and have a really good level of competence, competency, sorry with those tools. So you should be able to whip these up pretty quickly as well. But I'm telling you that even the most complicated versions of these, a couple of days tops, is how long they take to build. So with that in mind, just think about the opportunity that you have. Like even if you were doing two funnels a week, what that would look like to your bottom line. And that's where you start to realize just how profitable being a funnel Pro, ascending yourself and your skills to that next level can really be right now I know that whenever we talk about pricing, there's always a lot of bigger, chunkier questions that come up around this topic. And of course it's a podcast. You can't ask me them and directly have me answer. And you know, and I want to be able to answer them. I want to be able to go into much more detail of already having some great conversations and comments and stuff with people around this topic. So because of that, I've actually created a brand new live one hour, like Funnel Pro specific masterclass, which is dedicated completely to how you do this for your business, for your niche, like how you can step up and become a funnel pro, how you can create your pricing and offers, the whole shebang. So, like, I'm going to take you behind the scenes of exactly how we're building some of the amazing high converting funnels that we're building with our clients as well as our exclusive funnel planning and systems. Which is exactly again what we walk through our clients with to help make their Prof. Their funnels profitable and help make the whole process. Or there's too many P's in this sentence, you know, really, really streamlined and simple as well, which is so important when you are a service provider, as I'm sure you all know. We'll also walk you through the super simple steps from start to finish of what you need to do to become a funnel pro, to uplevel your confidence, to uplevel your business, to uplevel your skills and be able to start charging some of these awesome premium prices. So it is running live on October 6, Aussie time. So make sure you go grab yourself your free seat. Go to beatfunnelpro.com or link is in the bio. Grab your seat and I'll see you inside. I'll be there live. I said to answer all of your questions. So bring questions. Come along. Make sure you bring notepad and a pen. There's going to be heaps of good info and a really long Q and A time at the end. Really looking forward to seeing you guys there. And until then guys, keep doing what you do and I'll see you around. Bye.

Thanks so much for listening to the Doing it online podcast. If you love this episode, don't forget to subscribe and leave us a review. And if you're ready to take your online course sales to the next level with your own six or seven figure funnel, let Kate show you exactly how today@stealmyfunnel.com.

Sam.